U.S. stock indices were trending downwards before the market's opening as traders anticipated the release of the personal income and outlays report for November. The Standard & Poor's 500 experienced a decline of 0.8%, while the Dow Jones Industrial Average decreased by 0.4%, and the Nasdaq dropped 1.3% in premarket trading.
Asian and European markets were also reflecting a downward trend. The personal income report, set to release at 8:30 am ET, will include the personal consumption expenditure core price index, which is the Federal Reserve's preferred inflation indicator. Additionally, Friday’s economic calendar features the final University of Michigan consumer sentiment report for December at 10 am, followed by the weekly Baker Hughes domestic oil-and-gas rig count at 1 pm. Nike’s shares fell by 4.1% before the market opened.
Although the athletic footwear and apparel company reported better-than-expected results for the previous quarter, it also indicated revenue and gross margin declines in its ongoing fiscal third quarter. In contrast, FedEx's shares surged by 9.1% after the parcel delivery giant released its quarterly results and announced intentions to spin off its freight operations into a separate publicly traded entity. Carnival and Winnebago Industries are scheduled to reveal their latest financial results early on Friday, among other companies. Before the opening bell, bitcoin experienced a drop of 3.8% to $92,816.
West Texas Intermediate crude oil fell by 1.2% to $68.53 per barrel, 10-year Treasury yields retreated by 2.6 basis points to 4.54%, and gold increased by 0.4% to $2,618 per ounce..